Shame on politicians for moving the goalposts on investors every four years or so, especially the rules governing estates and all types of IRAs.
Planning one’s estate shouldn’t have to change with who’s in charge of the White House. But that’s the world we’re living in today. I’ve never been busier this time of year, working through these types of issues with investors. It’s a disservice to those who’ve done without and saved until it hurt. Now they have to worry about how to protect what they earned—yes, they earned it—from a government that’s supposed to work for them, not against.
That’s the plight of successful Americans like you.
According to the Tax Foundation, there are thirty-three states in the U.S. where you can avoid state-level estate taxes. Here they are:
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Delaware
- Florida
- Georgia
- Idaho
- Indiana
- Kansas
- Louisiana
- Michigan
- Mississippi
- Missouri
- Montana
- Nevada
- New Hampshire
- New Mexico
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Virginia
- West Virginia
- Wisconsin
- Wyoming
Those with either inheritance tax or estate taxes, or both, are:
- Connecticut
- Hawaii
- Illinois
- Iowa
- Kentucky
- Maine
- Maryland
- Massachusetts
- Minnesota
- Nebraska
- New Jersey
- New York
- Oregon
- Pennsylvania
- Rhode Island
- Vermont
- Washington
You can’t avoid federal death taxes, but you can move somewhere where you won’t be taxes at the state level as well.
Action Line: This is the world we live in. You can’t let them win. I’m here to help. But only if you’re serious.
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Originally posted on Your Survival Guy.
